The activities provided by a nonprofit in carrying out one of its major programs.
The activities provided by a nonprofit in carrying out one of its major programs.
One of two broad functional categories for sorting and reporting a nonprofit organization’s expenses. (The other is program expenses.) Supporting services expenses consists of 1) management and general expenses,...
Our Explanation of Nonprofit Accounting includes a chart that contrasts the financial statements of a nonprofit (or not-for-profit) organization with those of a for-profit business corporation. There are many examples to...
taxes. 18. Which form of financing is allowed for a nonprofit organization? Debt Right! Issuing Equity Securities Wrong. Both Are Allowed Wrong. 19. A nonprofit organization has two major classifications of expenses:...
The expenses directly incurred by a nonprofit organization in providing one of its programs.
The situation where manufacturing service departments provide service to each other. For example, the factory maintenance department provides services to the factory administrative department and the factory...
The supplier of goods or services.
A management tool that identifies the critical path—the path of sequential activities requiring the longest time to complete.
such as religious, education, health, social services, arts, etc. Nonprofit organizations may apply to be exempt from federal income taxes. Donors’ contributions to nonprofit organizations may or may not be charitable...
Sorting and reporting expenses according to the type of activity for which the expense was incurred. The functional expense classifications for a nonprofit organization would be Program #1, Program #2, Management and...
The description of the required reporting of expenses by some nonprofits. The expenses will be presented on lines based on the nature of the expense (salaries, fringe benefits, rent, utilities, postage, professional...
A mathematical tool to optimize profits (contribution margin) given a limited amount of inputs and other constraints.
See program evaluation and review technique (PERT).
This current liability account reports the amount a company owes (is required to remit) for its employees’ 401(k) program as of the date of the balance sheet.
a vibrant campus placement or career services office with a track record of placing accounting students in the professional positions that you seek. Here’s my point. What if many of the top performers on the CPA Exam...
participating in the internship program. Other students with fewer things going for them and who are burnt out from studying accounting theory, may need to actually work in the accounting field before taking another...
the financial results achieved for stockholders. 7. A group of different machines or operations that are 1) often arranged in the shape of a U, and 2) results in less movement of materials is a manufacturing or work...
The total of interest and principal payments required to be paid on loans payable.
See production service department.
A trademark associated with a service rather than a product.
What is a service department? Definition of Service Department A service department is usually associated with a manufacturer’s production departments. However, a service department does not produce any of the...
Under the accrual basis of accounting, the Service Revenues account reports the fees earned by a company during the time period indicated in the heading of the income statement. Service Revenues include work completed...
A department within a factory that does not directly produce a product. Examples are the factory maintenance department, factory administrative department, and quality assurance department.
Under the accrual basis of accounting, this account reports the cost of the temporary help services that a company used during the period indicated on its income statement.
A revenue account in a bank’s general ledger that indicates the amounts earned by the bank by servicing its customers’ accounts at the bank.
on the total organization (as opposed to focusing on specific funds within the organization) and reports the following: Revenues such as contributions, program fees, membership dues, grants, investment income, and...
departments, or with the service department with the highest amount of costs. Select... Direct Method Step Method Reciprocal Method 18. This method always recognizes work or services done between all service...
An income statement account at a financial institution used to record and report the amounts earned from fees charged to customers.
The U.S. government agency responsible for federal income tax regulations.
This is an administrative expense which reports the fees incurred by a company for the expenses associated with its checking account transactions.
Our Explanation of Nonprofit Accounting includes a chart that contrasts the financial statements of a nonprofit (or not-for-profit) organization with those of a for-profit business corporation. There are many examples to...
What is COS? Definition of COS In accounting, the acronym COS could indicate either cost of sales or cost of services. The income statement of a manufacturer or a retailer might use the term cost of sales or it might use...
a student that has earned less than a “B” in any accounting course. The rigor of the college accounting program can also be a factor. For instance, a student earning a 3.7 GPA in a college where half of the grades...
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